Active
0 Palm Drive
Desert Hot Springs CA, 92240
$5,000,000
$4.59 per sqft
Active
25 Acres
Land
Listed by Randy Smith with smithREgroup 562-547-8256
SELLER FINANCING AVAILABLE! PRIVATE LENDER REO. PRICE REDUCED TO $5,000,000! 25 acre parcel with APPROVED 402 unit residential condominium community consisting of all 2BR 2BA, dual master suite 1245 SF units and two-level community center. Desert Hot Springs is the fastest growing city in the Coachella Valley and positioned to become a cornerstone of affordable, entry-level housing for the existing and growing workforce in the area. Site is within 20 minutes of all major employment centers, health care facilities and resorts in the Greater Palm Springs area. Development Permit, Conditional Use Permit and Tentative Tract Map have been approved. 175 page City of Desert Hot Springs Staff Report is available. Property previously sold in 2022 for $9,000,000. Appraisal report available. At pro-forma sale price of $250,000 per unit, land cost is 8.9%. Total project revenue is estimated at $100 million.
PW24044386
MLSⓇ ID
March 4, 2024
Listed
November 22, 2024
Updated
Map
0 Palm Drive
Desert Hot Springs CA, 92240
Exterior/Building Features
Lot Size
25 Acres
Lot Features
16-20 Units/Acre
Other Property Details
Area Name
699 - Not Defined
Days on Market
208
Garage
No
View
Yes
View Description
Mountain(s)
County
Riverside
Water Source
Other
Pool
No
Zoning
RM
Listing History
Date | Event | Price |
|---|---|---|
8/15/2024 | Price change | $5,000,000 -17% |
5/14/2024 | Price change | $6,000,000 -34% |
Listing Contact: 888-281-5048
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Data last updated on 11/22/2024 at 7:15 PM UTC